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<table width="100%" summary="page for Oil"><tr><td>Oil</td><td style="text-align: right;">R Documentation</td></tr></table>

<h2>Oil Investment </h2>

<h3>Description</h3>

<p>a cross-section from 1969 to 1992
</p>
<p><em>number of observations</em> :  53
</p>
<p><em>observation</em> :  production units
</p>
<p><em>country</em> :  United Kingdom
</p>


<h3>Usage</h3>

<pre>data(Oil)</pre>


<h3>Format</h3>

<p>A dataframe containing :
</p>

<dl>
<dt>dur</dt><dd><p>duration of the appraisal lag in months (time span between discovery of an oil field and beginning of development, i.e. approval of annex B).</p>
</dd>
<dt>size</dt><dd><p>size of recoverable reserves in millions of barrels</p>
</dd>
<dt>waterd</dt><dd><p>depth of the sea in metres</p>
</dd>
<dt>gasres</dt><dd><p>size of recoverable gas reserves in billions of cubic feet</p>
</dd>
<dt>operator</dt><dd><p>equity market value (in 1991 million pounds) of the company operating the oil field</p>
</dd>
<dt>p</dt><dd><p>real after&ndash;tax oil price measured at time of annex B approval</p>
</dd>
<dt>vardp</dt><dd><p>volatility of the real oil price process measured as the squared recursive standard errors of the regression of pt-pt-1 on a constant</p>
</dd>
<dt>p97</dt><dd><p>adaptive expectations (with parameter theta=0.97) for the real after&ndash;tax oil prices formed at the time of annex B approval </p>
</dd>
<dt>varp97</dt><dd><p>volatility of the adaptive expectations (with parameter theta=0.97) for real after tax oil prices measured as the squared recursive standard errors of the regression of pt on pte(theta)</p>
</dd>
<dt>p98</dt><dd><p>adaptive expectations (with parameter theta=0.98) for the real after&ndash;tax oil prices formed at the time of annex B approval </p>
</dd>
<dt>varp98</dt><dd><p>volatility of the adaptive expectations (with parameter theta=0.98) for real after tax oil prices measured as the squared recursive standard errors of the regression of pt on pte(theta)</p>
</dd>
</dl>



<h3>Source</h3>

<p>Favero, Carlo A.,  M. Hashem   Pesaran and  Sunil  Sharma (1994) &ldquo;A duration model of irreversible oil investment : theory and empirical evidence&rdquo;, <em>Journal of Applied Econometrics</em>, <b>9(S)</b>, S95&ndash;S112.
</p>


<h3>References</h3>

<p>Journal of Applied Econometrics data archive : <a href="http://qed.econ.queensu.ca/jae/">http://qed.econ.queensu.ca/jae/</a>.
</p>


<h3>See Also</h3>

<p><code>Index.Source</code>, <code>Index.Economics</code>, <code>Index.Econometrics</code>, <code>Index.Observations</code></p>


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